Local Currency Debt Markets in the West African Economic and Monetary Union

Amadou Sy

No 2007/256, IMF Working Papers from International Monetary Fund

Abstract: The paper reviews trends and developments in the rapidly growing local currency debt markets in the WAEMU. The main findings are that common institutions, such as a regional central bank and securities exchange have led to high cross-border transactions within the union. However, excess liquidity in the regional banking system has led to limited credit differentiation among issuers and a reliance on supply and demand conditions as a key determinant of yields. The paper also discusses a number of policy issues, including debt management, that are likely to emerge as the markets for government securities continue to develop.

Keywords: WP; Bills; market; T-bill; bond market; proceeds (search for similar items in EconPapers)
Pages: 17
Date: 2007-11-01
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Citations: View citations in EconPapers (8)

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